Chairman's Speech for the Fortieth Annual General Meeting

Ladies & Gentlemen,

I have great pleasure to welcome you to the Fortieth Annual General Meeting of the Corporation. The Annual Report and audited Statement of Accounts of the Corporation for the year 2015-16 are already with you, and with your permission I would like to consider them as having been read.

During the year under report, the earning of the Corporation by way of warehouse charges has increased to Rs. 58.41 lakhs as against of Rs. 47.36 lakhs of the preceding year. The increase in earning of the Corporation during the year is mainly due to maximum utilization of storage space in all the godowns of the Corporation. Complete utilization of godowns by FCI and other private parties has enabled the Corporation to earn nominal Profit of Rs. 2.57 lakhs during the year under report.

The Corporation has not received Share Capital from Central Warehousing Corporation from 2005-2006 onwards. As the limit of Authorized Share Capital of Meghalaya State Warehousing Corporation is enhanced to Rs. 5.00 crores, it is hoped that Central Warehousing Corporation will release its Share Capital to Meghalaya State Warehousing Corporation for the said period to enable the Corporation to develop further.

The construction of 2000 M.T additional godown at the existing Tura Warehouse Complex was completed and is fully utilized by private parties. With the completion of 2000 M.T. additional godown, the total storage capacity during the financial year stood at 17,700 MT. Increase in the storage capacity has helped the revenue of the Corporation to improve.

Before I conclude, I would like to place on record my thanks to our valued customers, for their continued patronage and confidence in the services of the Corporation. I also express my gratitude to the State Government and the Central Warehousing Corporation, Managing Director and other Directors of the Board of Directors for their continued support and guidance. I also take the opportunity to ensure the Shareholders that your Corporation will endeavour to achieve satisfactory result in the years to come.

Finally, I would like to thank the officers and all employees of the Corporation for their sincere and devoted services.